Dubai Government reduces public debt by AED29 billion

Dubai Government reduces public debt by AED29 billion

DUBAI, 26th September, 2023 (WAM) -- The Public Debt Management Office (PDMO) of the Government of Dubai's Department of Finance (DOF) announced a reduction of approximately AED29 billion in Dubai's public debt by the end of this year. The achievement has been realised within a year and a half since the establishment of the office in 2022, marking a milestone in implementing its Public Debt Sustainability Strategy (PDSS). The PDSS translates the ongoing commitment to responsible financial management and long-term fiscal sustainability.

This important accomplishment has been fulfilled under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, and the supervision of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE.

This reduction will be achieved across all debt classes in the government debt portfolio. This includes a full redemption of Sukuk certificates worth AED3.3 billion, the repayment of bilateral and syndicated facilities totaling AED5.2 billion, and a partial settlement of AED20 billion from the financing extended by the Abu Dhabi government and the Central Bank of the United Arab Emirates.

“Despite ongoing